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Tangerine Money-Back Credit Card

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Card details
Network provider
Mastercard
Provider
Tangerine
Card types
Rewards
Low Balance Transfer
No Fee
Credit needed
Good
Fees and interest
Annual fee
$0
Purchase interest rate
19.95%
Cash advance rate
19.95%
Balance transfer rate
1.95%
19.95% after 6 months
Credit score required
Excellent (750-900) Good (650-749) Fair (575-649) Bad (300-574)
Features
  • Extended Warranty
  • Free Supplementary Card
  • Purchase Protection

Unlike most rewards cards, with the Tangerine Money-Back Credit, cardholders enjoy an uncommon amount of control over where and how they collect rewards points.

By default, users get 2% back on purchases that fall under the categories of groceries, furniture, restaurants, hotels, gas, drug stores, home improvement, entertainment, public transportation and parking. However, these categories can be changed to better align with where an individual spends the most.Even purchases that fall outside the selected categories yield rewards points, but at a lower rate (0.5%).

Another unique feature about Tangerine's cash back program is the fact that you can have your extra cash deposited directly into a Tangerine savings account. When you choose this option, you qualify for a third 2% Money-Back category. And Tangerine pays you your cash-back monthly, not annually, which is more common among credit card providers. 

Normally the fee for balance transfers with the Tangerine Money-Back Credit Card is 3%, but the bank has a promotion that allows new customers to transfer balances from another card and pay only 1.95% in interest for the first six months (though there is a onetime fee: 1% of the transferred amount). The interest on overdue balances and cash advances is a more standard 19.95%.

Cash fees for cash advances are $3.50 within Canada and $5 if you make an advance outside the country. Dishonoured payment, over-limit, and rush card fees are each $25.

 

Why get the Tangerine Money-Back credit card?

The more the merrier - Additional cards are free, so you can enlist others to help you collect points.

Protect your purchases - ​Items you buy with the card will be well-protected. Users receive a lifetime maximum of up to $60,000 for purchase assurance and extended warranties. Tangerine’s assurance policy will cover loss, theft or damage on items for 90 days after the purchase date. The extended warranty program doubles an item’s warranty period.

Use Apple Pay - Purchase items using your iPhone or Apple Watch.

A sterling security guarantee - ​Tangerine uses DoubleSafe, an extra-secure login process. Tangerine also offers users free IBM Security Trustee Rapport software, which provides online identity theft and online transaction protection.